BLK
BlackRock, Inc.
BLK has the edge over NCDL overall, supported by stronger fundamentals.
NCDL
Nuveen Churchill Direct Lending Corp.
NCDL offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
NCDL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
NCDL's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like NCDL.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK's PE is in its expensive range at 28x.
NCDL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.9x | $6.95 | -41% |
| Fair | 7.5x | $7.58 | -35% |
| Forward | 7.6x | $11.75 | — |
| Expensive | 9x | $9.13 | -22% |
| Current | 12x | $11.75 | — |
Historical ranges are pointers, not guarantees.
NCDL has the edge over BLK in the historical PE scenario, which offers more potential upside but is not a forecast.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
NCDL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Weakening | |
| Limited | |
| High |
Analysts expect NCDL's profitability to weaken, with its earnings and revenue holding steady.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK has the edge over NCDL on earnings, with more consistent year-over-year improvement.
NCDL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.56 | +54% |
| Q3 2026 | $1.01 | -49% |
| Q2 2026 | $1.12 | -47% |
| Q1 2026 | $1.51 | -32% |
| Q4 2025 | $1.86 | -18% |
| Q3 2023 | $2.07 | +111% |
| Q2 2023 | $1.69 | +26% |
| Q1 2023 | $0.97 | -51% |
| Q4 2022 | $0.70 | -66% |
NCDL's earnings per share have fallen from their peak: $1.01 over the past year, against $2.26 in late 2024.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
NCDL has the stronger quarterly revenue trend. Revenue is up 19% for BLK versus up 54% for NCDL.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK's operating margin was 30% last quarter, about level with the same quarter a year ago, near the bottom of its range since 2019.
NCDL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2022 | $20.1M | +54% |
| Q3 2022 | $14.2M | +38% |
| Q2 2022 | $16.5M | +120% |
| Q1 2022 | $14.2M | +125% |
| Q4 2021 | $13M | +162% |
| Q3 2021 | $10.3M | +232% |
| Q2 2021 | $7.5M | +175% |
| Q1 2021 | $6.3M | +116% |
NCDL's revenue has grown year over year every quarter since early 2021: $20M last quarter, up 54% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2022 | 36% | -57 points |
| Q3 2022 | 42% | -66 points |
| Q2 2022 | 9.2% | -94 points |
| Q1 2022 | 69% | -27 points |
| Q4 2021 | 93% | -3.2 points |
| Q3 2021 | 108% | -68 points |
| Q2 2021 | 104% | +161 points |
| Q1 2021 | 96% | +167 points |
NCDL's operating margin was 36% last quarter, down 57 points from the same quarter a year ago.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK's free cash flow was $4.8B over the past year, up 22% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BLK.
NCDL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $63.6M | +71% |
| Q2 2026 | $61M | -56% |
| Q1 2026 | -$13.7M | -$4.9M |
| Q4 2025 | $28.6M | +138% |
| Q3 2025 | $37.3M | +$79.5M |
| Q2 2025 | $137.1M | +$306.5M |
| Q1 2025 | -$8.8M | +$88.7M |
| Q4 2024 | $12M | +$146.7M |
NCDL has the edge over BLK on cash flow, with more consistent year-over-year improvement.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has the edge over NCDL on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
NCDL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -16.6K shares |
| 3 years | +122% | +27.2M shares |
| 5 years | +1148% | +45.4M shares |
NCDL has 49M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $2.7M |
| Q2 2025 | $26M |
| Q1 2025 | $37.1M |
| Q4 2024 | $22.5M |
NCDL hasn't bought back shares in the past year.
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like BLK.
NCDL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2022 | 26.9x | High |
| Q3 2022 | 21.1x | High |
| Q2 2022 | 15.9x | High |
| Q1 2022 | 10.2x | High |
| Q4 2021 | 10.0x | High |
| Q3 2021 | 11.5x | High |
| Q2 2021 | 10.8x | High |
| Q1 2021 | 12.8x | High |
NCDL's net debt is more than 20 years of its operating earnings (EBITDA), up from 10 years a year ago. Net leverage isn't a meaningful measure for financial services companies like NCDL.
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
NCDL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.8 | Neutral |
| Stochastic | 47.6 | Neutral |
NCDL's weekly RSI is 46 (neutral) and its Stochastic is 48 (neutral).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK is trading at 28x earnings, a 113% premium to the Financial Services sector's median of 13x.
NCDL PE vs Financial Services Sector
| Metric | NCDL | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 11% below |
| PE % | 99 | 36 | 63 pts above |
NCDL has the edge over BLK on valuation relative to its sector.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK has stronger trend alignment. BLK is above 5 of 5 weekly averages versus NCDL above 1 of 4.
NCDL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.2 | 5.1% above |
| 20 week MA | $11.9 | 1.5% below |
| 50 week MA | $12.9 | 8.6% below |
| 100 week MA | $14.4 | 19% below |
NCDL has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 19% below its 100-week average.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has the edge over NCDL on returns for 2026, with the stronger performance.
NCDL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $17.9 | $17.1 | -4.4% |
| 2025 | $17.1 | $13.8 | -19% |
| 2026 YTD | $13.8 | $11.8 | -15% |
NCDL has finished every year since 2024 lower, and it's down 15% so far in 2026.